CITY COUNCIL
Staff Report
CA Review CKM
Meeting Date: March 15, 2022
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Craig Lindholm, City Treasurer
[email protected], 442-339-2472
Laura Rocha, Deputy City Manager, Administrative Services [email protected], 442-339-2415
Subject: Report on City Investments as of Jan. 31, 2022 District: All
Recommended Action
Accept and file Report on City Investments as of Jan. 31, 2022.
Executive Summary
The city's Investment Policy requires the City Treasurer to report the status of the city's pooled investment portfolio to the City Council each month.
Discussion & Fiscal Analysis
The city's pooled investment portfolio as of the month ending Jan. 31, 2022 is summarized below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value' $819,423,353 $803,591,281
Investment cost $830,943,576 $814,605,814
Amortized cost2 $827,046,886 $811,015,111
Market value3 $817,548,425 $808,265,653
(1)The face value of the investments.
(2)The cost of investments adjusted for amortized premiums and discounts. (3)The amount at which the investments could be sold. Source of market value is Wells Fargo Bank's custodial report.
The equity portion of the various funds in the total portfolio is summarized in the graph below.
Fund balances are restricted for various purposes (See Exhibit 7 for a more detailed breakdown).
March 15, 2022 Item #1 Page 1 of 19
Special revenue
$35
Internal service
$49
General
$129
Enterprise
$200
$15
Fund equity in pooled investments
Jan. 31, 2022
($ in millions)
Fiduciary
Capital projects
$394
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $7,071,483 $936,523 $950,699
The cash income received is adjusted for any accrued interest purchased.
Pooled investment performance
Average life (years) Yield to maturity Modified duration Nov. 2021 2.26 1.14% 2.13
Dec. 2021 2.28 1.12% 2.17
Jan. 2022 2.26 1.10% 2.13
All pooled investments have been made in accordance with the city's Investment Policy, which was adopted Jan. 2, 1985, and last revised Nov. 2, 2021; however, events after the purchase might result in perceived non-compliance with the current policy. These events are typically a change in the credit rating after a purchase, a change in the city's Investment Policy, or a temporary reduction in total portfolio assets.
Exhibit 8 shows the investments out of compliance with the current policy that experienced a subsequent change in credit rating. Ratings on five investments have dropped to less than the rating required by the Investment Policy since their initial purchase. Corporate notes and municipal bonds require a "split rating" of AA from one rating company and an A rating from a second. Mortgage backed securities require an AA rating from one rating company.
The city's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold.
March 15, 2022 Item #1 Page 2 of 19
Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental Evaluation
This action does not constitute a "project" within the meaning of the California Environmental Quality Act under Public Resources Code section 21065 in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment.
Public Notification
Public notice of this item was posted in keeping with the state's Ralph M. Brown Act and it was available for public viewing and review at least 72 hours before the scheduled meeting date.
Exhibits
1.Investments by cost, market value, cash income, and average yield by class
2.Maturities by classification and length of time at market value
3.Yield comparison and market yield curve
4.Cumulative cash income
5.Maturities, calls, and purchases this quarter
6.Detailed investment report
7.Fund equity in pooled investments
8.Security ratings and outlooks
9.Portfolio allocation at amortized cost by issuer
March 15, 2022 Item #1 Page 3 of 19
City of Carlsbad investment portfolio
As of Jan. 31, 2022
Investments by cost, market value, cash income, and average yield by class Class
Investment cost Market value
Average yield
Current month Prior month Current month Prior month YTD income Current month Prior month FA $318,499,404 $321,979,927 $ 312,034,484 $318,744,733 $ 1,972,606 0.96% 0.98% SN 28,654,402 34,128,607 28,033,134 33,804,730 395,438 1.53 1.62 TR 73,308,481 63,737,530 72,351,667 63,393,639 606,739 0.99 1.07 CN 206,266,497 202,296,572 203,208,325 201,229,809 3,184,028 1.79 1.80 CD 20,345,323 21,335,323 20,254,745 21,411,057 182,879 1.43 1.47 MBS (agency) 22,957,206 20,447,454 23,894,880 19,877,451 270,240 1.62 1.67 MBS (non-agency)
Muni 43,253,030 40,032,770 40,111,956 39,156,604 252,353 0.74 0.68 Bank account 18,789,727 11,380,113 18,789,727 11,380,113.
0.01 0.01
Sweep
IRT 9,394,916 9,849,631 9,394,916 9,849,631 211 0.01 0.01 CAMP 1,006,649 1,006,606 1,006,649 1,006,606 300 0.07 0.05 LAIF 88,467,941 88,411,281 88,467,941 88,411,281 243,762 0.23 0.21 Total $830,943,576 $814,605,814 $817,548,425 $808,265,653 $7,108,556 1.10% 1.12% ZZOZ 'ST (-13-1e1A1 FA - Federal agency notes SN - Supranational
TR - US Treasury
CN - Corporate notes
CD - Certificate of deposit
MBS - Passthrough/mortgage backed securities
Muni - Municipal Bonds
Bank account - General cash account
Sweep - Overnight cash account
IRT - Investment cash account
CAMP - California Asset Management Program
LAIF - Local Area Investment Fund 6T 4017 aSed Ilt Wall
City of Carlsbad investment portfolio
As of Jan. 31, 2022
Maturities by classification and length of time at market value Class Within 6 months 7 to 12 months 1 to 5 years Total % Total
FA $22,808,441 $15,929,544 $273,296,499 $312,034,484 38.17%
SN
5,567,265 22,465,869 28,033,134 3.43
TR 8,981,677 7,046,650 56,323,340 72,351,667 8.85
CN 23,270,894 24,337,340 155,600,091 203,208,325 24.86 (2) CD 496,024 2,008,836 17,749,885 20,254,745 2.48
MBS (agency) 235,800 235,800 23,423,280 23,894,880 2.92 (3) MBS (non-agency)
0.00 (3)(4)
Muni
40,111,956 40,111,956 4.91 (5)
Bank account 18,789,727
18,789,727 2.30
Sweep
0.00 IRT 9,394,916
9,394,916 1.15
CAMP 1,006,649
1,006,649 0.12
LAIF 88,467,941
88,467,941 10.82
Totals $173,452,069 $55,125,435 $588,970,920 $817,548,425 100.0%
% Totals 21.2% 6.7% 72.0% 100.0%
Total within One Year
$228,577,504 (1)
28.0%
Policy
(1)Not less than $211,200,000 to mature within one year, two-thirds of FY 21-22 operating budget of $316,800,000. (2)Policy states that not more than 30% of portfolio is to be invested in corporate notes at time of purchase. (3)Policy states that not more than 20% of portfolio is to be invested in mortgage backed securities at time of purchase. (4)Total non-agency mortgage backed securities shall be limited to 5% of the city's portfolio. (5)Policy states that not more than 15% of portfolio is to be invested in municipal bonds at time of purchase. ZTOZ `ST LilleiN 61 JO S aBed T# wall
Began tracking published data for CAMP
at time of investment, Jan. 2019.
EXHIBIT 3
City of Carlsbad investment portfolio
Yield comparison
Portfolio yield ex pool money investment accounts (PMIA) vs CAMP yield vs LAIF yield
2.80 2.60
2.40 2.20
2.00 1.80
F., 1.60
-a 1.40
5: 1.20
1.00 0.80
0.60 0.40
0.20 0.00
t' rt5 t (13 7Z. z 0 0 0 co cn c-I •r-I o 0 o 0 0 0 0
PrtoIi x PMIA CAMP LAW
City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current Market rate (%) 2.00
1.80 1.60
1.40 1.20
1.00 0.80
0.60 0.40
0.20 0.00
3 month 2 year 5 year 10 year
-0-FY 2019-20 end 0.13 0.16 0.31 0.68
FY 2020-21 end 0.05 0.25 0.87 1.45
1/31/2022 0.22 1.18 1.62 1.79
March 15, 2022 Item #1 Page 6 of 19
Interest income ($ in millions) ZZOZ 'ST qamiAl City of Carlsbad investment portfolio Cumulative cash income
13-month comparison
15 14
13 12
11 $14.03
10 $8.91
9 8
$7.07
7 6
5 4
r-No.
3 2 $1.24 $0.87 $1.28 $1.11 $0.93 $0.93 $1.02 r "- . 3 $1.44
$0.95 $0.94
1 ] Ea]
71-
4 1
Jan Feb March April May June July August Sep Oct Nov Dec Jan FY 2021-22 cumulative .: FY 2020-21 FY 2021-22 cumulative FY 2020-21 cumulative
EXHIBIT 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of Jan. 31, 2022
Maturities
CUSIP
Issuer Settled Maturity Par value Book value Interest Total 3132XONX5 FAMCA 11/04/2019 01/03/2022 2,000,000 2,000,000 10,843 2,010,843 501798L.19 LCA 01/12/2018 01/12/2022 246,000 246,000 2,852 248,852 3137EADB2 FHLMC 11/12/2019 01/13/2022 1,000,000 1,000,000 11,875 1,011,875 31398E6W9 FHLMC 08/27/2020 01/18/2022 28,472 29,833 1,628 31,461 4581X0CW6 IADB 01/08/2018 01/18/2022 2,000,000 2,000,000 21,250 2,021,250 55266CUG9 MBFINA 01/18/2017 01/18/2022 249,000 249,000 434 249,434 32110YJR7 FIRSTA 01/20/2017 01/20/2022 249,000 249,000 434 249,434 25665QA78 DOLLAR 01/24/2019 01/24/2022 246,000 246,000 3,534 249,534 3138L14F3 FNMA AM1721 12/26/2019 01/25/2022 1,836,955 1,849,584 16,808 1,866,393 30315EAA4 FRESB 07/24/2020 01/25/2022 1,235 1,241 681 1,922 30318NAA1 FRESB 02/19/2021 01/25/2022 2,142 2,152 753 2,905 30321CAQ5 FRESB 07/23/2021 01/25/2022 909 913 1,442 2,355 3137BP4J5 FHLMC 08/20/2021 01/25/2022 38,456 40,277 4,554 44,831 3137FBTA4 FHLMC 03/10/2021 01/25/2022 3,372 3,637 7,581 11,218 3137F32A1 FHLMC 04/15/2020 01/25/2022 77,990 83,595 8,353 91,948 459058FY4 IBRD 12/18/2017 01/26/2022 2,500,000 2,500,000 25,000 2,525,000 912828H86 USTR 01/20/2017 01/31/2022 3,000,000 3,000,000 22,500 3,022,500
$ 13,479,530 $ 13,501,232 $ 140,522 $ 13,641,754
Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total 30231GAJ1 Exxon Mobil 03/06/2017 03/06/2022 01/06/2022 2,000,000 2,000,113 2,015,980
594918BW3 Microsoft 12/20/2017 02/06/2022 01/06/2022 1,250,000 1,250,081 1,262,500
31346UQ94 FHLMC 01/10/2020 01/10/2025 01/10/2022 2,000,000 2,000,000 2,018,000
45950VNR3 IFC 01/27/2020 01/15/2025 01/18/2022 1,000,000 1,000,000 1,008,130
$ 6,250,000 $ 6,250,194 $ 6,304,610
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value 798170AJ5 San Jose Redev (SJSDEV) 01/06/2022 08/01/2026 02/01/2022 1.51% 3,000,000 107.34 1,220,260 91282CDMO US Treasury 01/14/2022 11/30/2023 05/31/2022 0.84% 2,000,000 99.37 1,987,344 91282CDK4 US Treasury 01/14/2022 11/30/2026 05/31/2022 1.46% 1,500,000 99.00 1,485,000 3130AQF65 FH LB 01/14/2022 12/21/2026 06/21/2022 1.48% 1,550,000 98.89 1,532,857 59217GBY4 Metlife (MET1 01/19/2022 12/18/2026 06/18/2022 1.94% 4,000,000 107.04 4,281,720
91.28283112 US Treasury 01/20/2022 01/31/2023 01/31/2022 0.55% 3,000,000 101.87 3,056,016 912828535 US Treasury 01/20/2022 06/30/2023 06/30/2022 0.81% 2,000,000 100.81 2,016,250 91282CCN9 US Treasury 01/20/2022 07/31/2023 01/31/2022 0.86% 2,000,000 98.89 1,977,813 30324QAC2 FRESB 2022-5894 01/21/2022 11/25/2026 02/25/2022 1.50% 4,500,000 100.46 4,520,813 91282CCU3 US Treasury 01/21/2022 08/31/2023 02/28/2022 0.84% 2,000,000 98.85 1,977,084 06048WL40 BAC 01/24/2022 02/26/2024 02/26/2022 1.30% 3,000,000 98.19 2,945,610
$ 28,550,000 100.97 $ 29,000,766
March 15, 2022 Item #1 Page 8 of 19
EXHIBIT 6
City of Carlsbad
Investment summary
As of January 31,2022
Settlement Maturity Issuer Par Invested Yield Interest expected Return Federal investments
03/25/19 02/03/22 FFCB 2,500,000.00 2,483,900.00 2.264% 144,919.44 2,644,919.44 02/23/17 02/23/22 FAMCA 2,600,000.00 2,609,204.00 2.025% 273,000.00 2,873,000.00 03/01/19 03/01/22 FFCB 2,000,000.00 2,000,000.00 2.550% 153,000.00 2,153,000.00 03/29/17 03/29/22 FHLMC 1,500,000.00 1,500,000.00 2.265% 170,625.00 1,670,625.00 05/25/17 04/05/22 FNMA 1,600,000.00 1,600,581.01 1.867% 145,833.33 1,745,833.33 01/09/20 04/05/22 FNMA 2,500,000.00 2,517,775.00 1.550% 104,947.92 2,604,947.92 04/27/17 04/27/22 FHLMC 3,500,000.00 3,545,920.00 2.345% 459,375.00 3,959,375.00 05/19/20 04/27/22 FFCB 2,000,000.00 2,003,480.00 0.210% 11,616.67 2,011,616.67 01/09/20 06/10/22 FHLB. 3,000,000.00 3,297,270.00 1.560% 417,354.17 3,417,354.17 01/15/20 07/15/22 FHLMC 1,500,000.00 1,500,510.00 1.586% 60,000.00 1,560,000.00 12/01/17 09/09/22 FHLB 1,750,000.00 1,739,692.50 2.130% 167,027.78 1,917,027.78 07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786% 178,750.00 1,978,750.00 01/15/20 09/09/22 FHLB 2,000,000.00 2,021,180.00 1.590% 106,000.00 2,106,000.00 09/28/17 09/28/22 FNMA 2,500,000.00 2,500,000.00 2.000% 249,861.11 2,749,861.11 10/22/20 09/30/22 FHLMC 3,000,000.00 3,000,000.00 0.350% 41,358.33 3,041,358.33 03/09/18 10/05/22 FNMA 1,000,000.00 971,120.00 2.000% 91,444.44 1,091,444.44 10/05/18 10/05/22 FNMA 1,000,006.00 962,570.00 3.000% 80,000.00 1,080,000.00 05/20/20 10/05/22 FNMA 1,923,000.00 2,005,439.01 0.190% 91,342.50 2,014,342.50 04/24/18 12/09/22 FHLB 2,250,000.00 2,215,102.50 2.500% 260,156.25 2,510,156.25 09/10/19 12/09/22 FHLB 1,500,000.00 1,670,736.00 1.630% 255,281.25 1,755,281.25 03/22/19 03/10/23 FHLB 2,000,000.00 2,028,220.00 2.375% 218,166.67 2,218,166.67 08/13/20 08//0/23 FNMA 2,060,000.00 1,997,600.00 0.300% 17,950.00 2,017,950.00 09/13/19 08/14/23 FFCB 1,800,000.00 1,796,580.00 1.650% 112,880.00 1,912,880.00 12/15/21 08/18/23 FNMA 1,250,000.00 1,246,675.00 0.510% 7,328.12 1,257,328.12 11/30/21 08/25/23 FHLB 2,500,000.00 2,500,000.00 0.500% 21,701.39 2,521,701.39 09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990% 138,988.89 1,138,988.89 10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125% 315,738.89 2,615,738.89 09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485% 190,659.72 2,190,659.72 02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495% 130,572.92 1,130,572.92 04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410% 221,375.00 1,971,375.00 10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050% 378,072.92 2,878,072.92 02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602% 141,333.33 1,141,333.33 05/09/19 11/08/23 FFCB 2,000,000.00 2.001,700.00 2.280% 206,872.22 2,206,872.22 11/24/20 11/24/23 FHLMC 2,500,000.00 2,500,000.00 0.320% 24,000.00 2,524,000.00 11/30/20 11/30/23 FFCB 3,000,000.00 3,000,000.00 0.310% 26,917.50 3,027,960.00 03/19/21 12/04/23 FHLMC 2,000,000.00 1,998,100.00 0.250% 13,541.67 2,013,541.67 06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870% 196,963.33 1,696,963.33 12/09/20 12/08/23 FFCB 2,500,000.00 2,500,000.00 0.280% 20,980.56 2,520,980.56 05/13/20 12/08/23 FHLB 1,000,000.00 1,107,630.00 0.339% 120,468.75 1,120,468.75 05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.506% 161,486.11 1,161,486.11 12/29/21 12/29/23 FHLB 2,000,000.00 2,000,000.00 0.720% 28,800.00 2,028,800.00 03/06/19 02/27/24 FFCB 1,500,000.00 1,498,950.00 2.610% 194,771.25 1,694,771.25 11/30/21 02/28/24 FHLB 1,500,000.00 1,500,000.00 0.770% 25,922.80 1,525,922.80 02/28/20 02/28/24 FFCB 2,500,000.00 2,500,000.00 1.550% 155,000.00 2,655,000.00 03/08/19 03/08/24 FHLB 3,000,000.00 3,100,851.00 2.530% 487,500.00 3,487,500.00 04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360% 229,105.56 2,229,105.56 04/23/21 04/22/24 FFCB 2,000,000.00 2,000,000.00 0.340% 20,381.11 2,020,381.11 04/05/21 04/23/24 FHLMC 1,000,000.00 997,570.00 0.400% 9,760.00 1,009,760.00 05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287% 119,866.67 1,119,866.67 11/29/21 06/14/24 FNMA 2,000,000.00 1,976,200.90 0,849% 19,062.50 2,019,062.50 08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457% 139,845.39 1,322,845.39 08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457% 151,263.00 1,621,263.00 06/27/19 07/15/24 PEFCO 2,500,000.00 2,565,850.00 1.900% 309,142.36 2,809,142.36 12/10/21 07/19/24 FHLB 2,000,000.00 1,978,000.00 0.878% 23,475.00 2,023,475.00 07/24/20 07/22/24 FFCB 2,000,000.00 2,000,000.00 0.440% 35,151.11 2,035,151.11 08/08/19 07/26/24 FFCB 2,500,000.00 2,532,125.00 1.582% 229,708.33 2,729,708.33 10/29/20 07/29/24 FHLMC 3,000,000.00 3,000,000.00 0.375% 42,187.50 3,042,187.50 11/10/20 08/15/24 FHLB 4,000,000.00 4,191,800.00 1.500% 255,833.33 4,255,833.33 08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480% 261,444.44 2,761,444,44 02/19/21 09/15/24 TVA 1,000,000.00 1,091,424.00 0.300% 102,701.39 1,102,701.39 11/06/20 09/30/24 FHLMC 1,170,000.00 1,170,000.00 0.350% 15,970.50 1,185,970.50 03/30/21 09/30/24 FHLB 1,500,000.00 1,500,000.00 0.520% 27,300.00 1,527,300.00 10/04/21 10/04/24 FAMCA 2,000,000.00 2,000,000.00 0.500% 30,000.00 2,030,000.00 11/25/20 10/16/24 FFCB 1,400,000.00 1,466,052.00 0.280% 81,725.00 1,481,725.00 11/15/19 11/01/24 FAMCA 2,000,000.00 1,999,720.00 1.793% 177,607.78 2,177,607.78 07/10/20 11/13/24 FFCB 1,621,000.00 1,751,360.82 0.390% 159,055.22 1,780,055.22 11/18/20 11/18/24 FNMA 2,000,000.00 2,000,000.00 0.420% 33,600.00 2,033,600.00 12/02/21 12/02/24 FHLB 1,900,000.00 1,900,000.00 1.050% 59,850.00 1,959,850.00 12/16/21 12/16/24 FHLB 2,000,000.00 2,000,000.00 0.500% 70,000.00 2,070,000.00 March 15, 2022 Item #1 Page 9 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return 12/30/20 12/30/24 FHLB 4,000,000.00 4,000,000.00 0.310% 49,600.00 4,049,600.00 05/27/21 01/08/25 FHLB 2,000,000.00 2,000,000.00 0.648% 46,980.56 2,046,980.56 07/28/21 01/28/25 FHLB 1,750,000.00 1,750,000.00 0.520% 31,850.00 1,781,850.00 02/03/21 02/03/25 FFCB 2,000,000.00 2,000,000.00 0.320% 25,600.00 2,025,600.00 02/18/21 03/14/25 FHLB 1,500,000.00 1,620,240.00 0.389% 145,072.92 1,645,072.92 04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778% 351,302.08 3,351,302.08 06/07/21 03/28/25 FHLMC 1,000,000.00 998,500.00 0.540% 19,041.67 1,019,041.67 06/28/21 03/28/25 FHLB 3,120,000.00 3,122,340.00 0.500% 70,200.00 3,190,200.00 04/21/21 04/21/25 FFCB 1,500,000.00 1,500,000.00 0.710% 42,600.00 1,542,600.00 12/23/20 04/23/25 FNMA 3,000,000.00 3,000,000.00 0.500% 65,000.00 3,065,000.00 10/30/20 04/30/25 FHLMC 2,0130,000.00 2,000,000.00 0.500% 45,111.12 2,045,111.12 06/03/20 05/27/25 FFCB 3,500,000.00 3,499,300.00 0.734% 127,324.17 3,627,324.17 06/03/20 05/28/25 FHLMC 2,000,000.00 2;000,000.00 0.750% 74,791.66 2,074,791.66 12/16/20 06/16/25 FNMA 2,000,000.00 2,000,000.00 0.450% 40,500.00 2,040,500.00 01/11/21 06/17/25 FNMA 3,000,000.00 3,014,640.00 0.389% 66,500.00 3,066,500.00 05/20/21 06/17/25 FNMA 2,000,000.00 1,991,940.00 0.600% 40,750.00 2,040,750.00 07/01/20 06/30/25 FNMA 2,500,000.00 2,500,000.00 0.740% 92,448.61 2,592,448.61 01/15/21 07/14/25 FFCB 2,225,000.00 2,218,325.00 0.457% 39,024.65 2,264,024.65 09/14/20 07/21/25 FHLMC 1,500,000.00 1,499,625.00 0.380% 27,296.87 1,527,296.87 07/29/20 07/29/25 FFC8 3,000,000.00 3,000,000.00 0.580% 87,000.00 3,087,000.00 10/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.530% 75,525.00 3,075,525.00 10/01/10 07/30/25 FHLMC 2,000,000.00 2,000,000.00 0.510% 49,271.67 2,049,271.67 08/12/20 08/12/25 FFCB 3,500,000.00 3,500,000.00 0.530% 92,750.00 3,592,750.00 08/14/20 08/14/25 FNMA 2,000,000.00 2,000,000.00 0.650% 65,000.00 2,065,000.00 11/06/20 08/18/25 FNMA 2,000,000.00 1,999,000.00 0.500% 47,833.33 2,047,833.33 08/21/20 08/21125 FNMA 2,000,000.00 2,000,000.00 0.450% 45,000.00 2,045,000.00 08/27/20 08/27/25 FHLMC 2,500,000.00 2,500,000.00 0.520% 58,500.00 2,558,500.00 08/31/20 08/29/25 FNMA 3,000,000.00 3,000,000.00 0.600% 89,900.00 3,089,900.00 12/28/20 09/23/25 FHLMC 3,000,000.00 2,996,460.00 0.400% 53,281.25 3,053,281.25 10/22/20 09/23/25 FHLMC 4,000,000.00 3,989,280.00 0.430% 73,791.67 4,073,791.67 10/14/20 10/14/25 FFCB 1,500,000.00 1,500,000.00 0.520% 39,000.00 1,539,000.00 10/15/20 10/15/25 FHLMC 3,000,000.00 3,000,000.00 0.550% 82,500.00 3,082,500.00 12/11/20 10/20/25 FNMA 2,410,000.00 2,408,795.00 0.590% 67,909.78 2,477,909.78 12/09/20 10/21/25 FFCB 3,000,000.00 2,994,300.00 0.560% 75,920.00 3,075,920.00 11/03/20 11/03225 FFCB 4,500,000.00 4,500,000.00 0.540% 121,500.00 4,621,500.00 12/29/20 11/07/25 FNMA 3,000,000.00 3,012,960.00 0.410% 72,833.34 3,072,833.34 03/10/21 12/10/25 FHLB 1,750,000.00 1,750,000.00 0.650% 54,031.25 1,804,031.25 03/02/21 12/15/25 .FAMCA 3,000,000.130 3,000,000.00 0.520% 74,663.33 3,074,663.33 12/17/20 12/17/25 FHLMC 5,000,000.00 5,000,000.00 0.625% 156,250.00 5,156,250.00 03/24/21 12/23/25 FHLMC 1,500,000.00 1,489,500.00 0.700% 49,845.83 1,549,845.83 12/30/20 12/30/25 FNMA 2,500,000.00 2,504,125.00 0.474% 80,000.00 2,580,000.00 01/14/21 01/14/26 FHLB 4,000,000.00 4,000,000.00 0.510% 102,000.00 4,102,000.00 01/14/21 01/14/26 FHLB 1,750,000.00 1,747,375.00 0.540% 44,625.00 1,794,625.00 01/25/21 01/15/26 FAMCA 1,500,000.00 1,500,000.00 0.480% 35,800.00 1,535,800.00 01/28/21 01/28/26 FHLB 3,000,000.00 3,000,000.00 0.500% 75,000.00 3,075,000.00 02/09/21 02/09/26 FHLB 2,050,000.00 2,050,000.00 0.350% 14,575.00 2,064,575.00 02/12/21 02/12/26 FHLB 2,000,000.00 2,000,000.00 0.550% 55,000.00 2,055,000.00 02/18/21 02/18/26 FHLB 4,000,000.00 4,000,000.00 0.500% 100,000.00 4,100,000.00 03/03/21 03/03/26 FFCB 674,000.00 674,000.00 0.790% 26,623.00 700,623.00 03/09/21 03/09/26 FFCB 3,500,000.00 3,500,000.00 0.800% 140,000.00 3,640,000.00 03/18/21 03/18/26 FHLB 3,000,000.00 2,997,000.00 0.750% 112,500.00 3,112,500.00 03/30/21 03/30/26 FHLB 1,500,000.00 1,500,000.00 0.300% 22,500.00 1,522,500.00 04/20/21 04/20/26 FAMCA 2,000,000.00 2,000,000.00 1.000% 100,000.00 2,100,000.00 04/21/21 04/21/26 FHLB 2,000,000.00 1,998,500.00 0.915% 90,000.00 2,090,000.00 04/29/21 04/29/26 FHLB 4,000,000.00 4,000,000.00 0.500% 100,000.00 4,100,000.00 05/04/21 05/04/26 FAMCA 2,500,000.00 2,500,000.00 0.950% 118,750.00 2,618,750.00 05/26/21 05/26/26 FHLB 2,500,000.00 2,500,000.00 0.500% 112,500.00 2,612,500.00 05/27/21 05/27/26 FAMCA 2,000,000.00 2,000,000.00 0.920% 92,000.00 2,092,000.00 06/16/21 06/16/26 FHLB 2,000,000.00 2,000,000.00 0.500% 94,000.00 2,094,000.00 06/16/21 06/16/26 FHLB 2,500,000.00 2,500,000.00 0.500% 117,500.00 2,617,500.00 06/22/21 06/22/26 FFCB 2,000,000.00 1,993,160.00 0.870% 80,000.00 2,080,006.00 06/30/21 06/30/26 FHLB 4,500,000.00 4,500,000.00 0.500% 186,750.00 4,686,750.00 06/30/21 06/30/26 FHLB 2,600,000.00 2,000,000.00 0.550% 88,000.00 2,088,000.00 07/27/21 07/27/26 FHLB 2,500,000.00 2,500,000.00 1.000% 125,000.00 2,625,000.00 08/25/21 08/25/26 FHLB 3,500,000.00 3,494,750.00 0.906% 153,125.00 3,653,125.00 09/01/21 09/01/26 Farmer Mac (FAMCA) 4,000,000.00 4,000,000.00 0.900% 180,000.00 4,180,000.00 09/07/21 09/01/26 FFCB 3,000,000.00 2,997,750.00 0.885% 130,065.00 3,130,065.00 09/30/21 09/30/26 FAMCA 2,500,000.00 2,500,000.00 0.860% 107,798.60 2,607,798.60 12/27/21 10/07/26 FFCB 2,500,000.00 2,469,000.00 1.268% 119,444.44 2,619,444.44 12/09/21 11/30/26 FFCB 2,950,000.00 2,952,950.00 1.408% 167,958.25 3,117,958.25 01/14/22 12/21/26 FHLB 1,550,000.00 1,532,857.00 1.483% 95,637.15 1,645,637.15
Federal investments 316,496,000.00 318,499,404.41 0.963% 15,624,373.62 332,121,356.12 March 15, 2022 Item #1 Page 10 of 19
Settlement Maturity Issuer
Par Invested Yield Interest expected Return
Supranadonals
10/10/17 10/07/22 IBRD
1,300,000.00 1,290,907.89 2.024% 121,671.77 1,421,671.77 02/08/19 10/24/22 IFC
1,500,000.00 1,470,780.00 2.553% 111,333.33 1,611,333.33 01/18/18 01/18/23 IADB
1,700,000.00 1,702,652.00 2.467% 212,500.00 1,912,500.00 01/24/18 01/18/23 IADB
1,000,000.00 997,670.00 2.550% 124,583.33 1,124,583.33
11/10/20 06/19/23 IBRD
3,000,000.00 3,129,060.00 1.875% 146,718.75 3,146,718.75 11/10/20 10/04/23 IADB
3,000,000.00 3,240,000.00 3.000% 261,000.00 3,261,000.00 05/09/19 10/24/23 IADB
2,000,000.00 2,058,280.00 2.300% 264,166.67 2,264,166.67 08/29/19 08/28/24 IBRD
2,000,000.00 2,006,920.00 1428% 149,916.67 2,149,916.67 11/03/21 10/15/24 IADB
1,440,000.00 1,419,552.00 0.828% 14,443.20 1,454,443.20 02104/21 10/16/24 IFC
2,000,000.00 2,079,800.00 0.290% 101,750.00 2,101,750.00 01/14/21 11/20/25 IBRD
2,000,000.00 2,250,220.00 0.510% 303,125.00 2,303,125.00 01/25/21 01/15/26 IFC
2,000,000.00 2,007,840.00 0.500% 57,677.78 2,057,677.78 04/23/21 04/20/26 IADB
3,000,000.00 3,000,720.00 0.870% 131,031.25 3,131,031.25 05/28/21 05/15/26 IFC
2,000,000.00 2,000,000.00 0.500% 49,638.89 2,049,638.89
Supranationals 27,940,000.00 28,654,401.89 1.530% 2,049,556.64 29,989,556.64 US Treasury
04/23/19 02/28/22 US Treasury
1,500,000.00 1,481,015.63 1.875% 80,247.96 1,580,247.96 03/02/17 03/31/22 US Treasury
3,000,000.00 2,963,925.00 2.000% 266,682.69 3,266,682.69 11/20/19 04/15/22 US Treasury
1,200,000.00 1,219,125.00 1.571% 64,844.26 1,264,844.26 05/15/17 05/15/22 US Treasury
2,000,000.00 1,985,625.00 1.901% 175,000.00 2,175,000.00 08/25/17 07/31/22 US Treasury
1,250,000.00 1,257,346.25 1.750% 115,595.28 1,365,595.28 08/31/17 08/31/22 US Treasury
3,000,000.00 3,019,290.00 1.740% 281,250.00 3,281,250.00 11/20/19 1015/22 US Treasury
1,500,000.00 1,491,720.00 1.570% 59,846.31 1,559,846.31 02/27/20 10/15/22 US Treasury
1,500,000.00 1,509,082.03 1.141% 54,267.42 1,554,267.42 11/28/17 11/15/22 US Treasury
1,000,000.00 980,950.00 2.030% 80,666.44 1,080,666.44
01/20/22 01/31/23 US Treasury
3,000,000.00 3,056,015.63 0.554% 73,379.76 3,073,379.76 07/30/19 02/28/23 US Treasury
3,000,000.00 3,085,572.00 1.800% 361,222.83 3,361,222.83 11/09/21 04/30/23 US Treasury
2,000,000.00 1,995,625.00 0.274% 3,6137.85 2,003,687.85 01/20/22 06/30/23 US Treasury
2,000,000.00 2,016,250.00 0.808% 39,370.66 2,039,370.66 01/20/22 07/31/23 US Treasury
2,000,000.00 1,977,812.50 0.856% 3,824.73 2,003,824.73
01/21/22 08/31/23 US Treasury
2,000,000.00 1,977,084.46 0.844% 4,012.43 2,004,012.43
11/12/21 10/31/23 US Treasury
2,000,000.00 1,996,562.50 0.463% 14,751.38 2,014,751.38 01/14/22 11/30/23 US Treasury
2,000,000.00 1,987,343.75 0.841% 18,763.74 2,018,763.74 12/13/21 01/15/24 US Treasury
2,000,000.00 1,976,920.00 0.682% 5,224,18 2,005,224.18
11/15/21 01/15/24 US Treasury
1,500,000.00 1,485,825.00 0.126% 4,060.80 1,504,060.80
06/25/21 02/15/24 US Treasury
2,500,000.00 2,484,765.63 0.357% 8,252.76 2,508,252.76
11/15/21 02/29/24 US Treasury
2,500,000.00 2,600,183.50 2.283% 135,972.03 2,635,972.03 12/07/21 04/15/24 US Treasury
2,000,00000 1,985,93750 0.677% 17,657.97 2,017,657.97
12/07/21 05/15/24 US Treasury
2,000,000.00 1,978,437.50 0.697% 12,196.13 2,012,196.13 03/01/21 06/30/24 US Treasury
2,500,00000 2,614,215.00 0.370% 145,873.62 2,645,873.62 01/14/21 09/30/24 US Treasury
2,000,000.00 2,088,448.94 1.500% 111,263.74 2,111,263.74 06/07/21 11/30/24 US Treasury
2,000,000.00 2,073,437.50 0.436% 104,426.23 2,104,426.23 07/15/21 02/28/25 US Treasury
2,000,000.00 2,040,312.50 0.563% 81,623.64 2,081,623.64 02/19/21 04/30/25 US Treasury
2,000,000.00 1,997,920.00 0.400% 31,450.28 2,031,450.28 02/19/21 05/31/25 US Treasury
2,000,000.00 1,987,280.00 0.400% 21,387.36 2,021,387.36 01/11/21 09/30/25 US Treasury
2,500,000.00 2,481,332.50 0.250% 29,481.46 2,529,461.46 01/11/21 11/30/25 US Treasury
2,500,000.00 2,493,350.00 0.375% 45,793.27 2,545,793.27 03/01/21 02/28/26 US Treasury
3,000,000.00 2,964,726.56 0.740% 74,959.24 3,074,959.24 03/02/21 02/28/26 US Treasury
2,000,000.00 1,975,513.02 0.750% 49,945.65 2,049,945.65 12/27/21 11/15/26 US Treasury
2,500,000.00 2,594,531.25 1.200% 244,198.90 2,744,198.90 01/14/22 11/30/26 US Treasury
1,500,000.00 1,485,000.00 1.463% 91,432.01 1,591,432.01
US Treasury 72,950,000.00 73,308,481.15 0.991% 2,912,613.01 75,862,613.01 Corporate notes
11/29/19 02/09/22 Apple Inc.
2,000,000.00 2,017,980.00 1.730% 94,361.11 2,094,361.11 03/07/19 03/03/22 Johnson & Johnson
1,250,000.00 1,236,787.50 2.620% 84,062.50 1,334,062.50 02/24/20 03/03/22 Johnson & Johnson
2,000,000.00 2,029,760.00 1.470% 91,125.00 2,091,125.00 05/23/17 05/11/22 Apple Inc.
3,300,000.00 3,318,150.00 2.181% 376,970.00 3,676,970.00 12/06/17 05/15/22 Berkshire Hathaway
1,503,000.00 1,540,770.39 2.400% 200,274.75 1,703,274.75 01/08/18 05/15/22 Berkshire Hathaway
1,000,000.00 1,023,300.00 2.432% 130,583.33 1,130,583.33 10/09/18 05/15/22 Berkshire Hathaway
1,100,000.00 1,091,810.50 3.220% 118,800.00 1,218,800.00 02/19/19 05117/22 Toyota
2,000,000.00 2,000,000.00 3.083% 200,044.66 2,200,044.66 08/09/18 06/01/22 Blackrock I nc.
1,000,000.00 1,011,600.00 3.050% 128,906.25 1,128,906.25 12/11/19 06/15/22 Cisco Systems Inc
500,000.00 515,230.00 1.755% 37,666.67 537,666.67
12/19/19 06/26/22 3M Company
2,000,000.00 2,010,920.00 1.777% 100,777.78 2,100,777.78 08/24/17 07/13/22 Toyota
1,500,000.00 1,547,160.00 2.119% 205,216.67 1,705,216.67 01/16/19 07/13/22 Toyota
1,500,000.00 1,483,770.00 3.129% 146,650.00 1,646,650.00 07/01/19 07/13/22 Toyota
2,500,000.00 2,551,875.00 2.090% 212,333.33 2,712,333.33 11/06/17 08/11/22 Procter & Gamble
1,800,000.00 1,799,161.20 2.160% 184,362.50 1,984,362.50 11/09/18 08/11/22 Procter & Gamble
1,900,000.00 1,826,627.70 3.250% 153,414.44 2,053,414.44 05/02/19 08/11/22 Procter & Gamble
2,000,000.00 1,986,800.00 2.150% 140,825.00 2,140,825.00 01/18/18 09/21/22 Novartls Capital Corp
1,500,000.00 1,489,500.00 2.560% 167,900.00 1,667,900.00 10/10/19 11/03/22 Microsoft
2,000,000.00 2,064,180.00 1.514% 162,386.11 2,162,386.11 March 15, 2022 Item #1 Page 11 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return 11/12/21 11/15/22 Century Housing (CENHOU) 1,000,000.00 1,000,000.00 0.350% 3,529.17 1,003,529.17 01/04/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,982,400.00 2A43% 218,875.00 2,218,875.00 09/17/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,935,820.00 3.077% 187,250.00 2,187,250.00 12/06/17 11/29/22 Toyota 2,250,000.00 2,250,000.00 2.125% 238,132.81 2,488,132.81 01/14/19 12/15/22 Wal-Mart 2,720,000.00 2,653,088.00 3.020% 250,530.89 2,970,530.89 12/23/19 12/15/22 Wal-Mart 2,000,000.00 2,032,580.00 1.770% 139,955.56 2,139,955.56 01/24/18 01/26/23 Toyota 3,000,000.00 3,000,000.00 2.750% 412,500.00 3,412,500.00 08/29/19 02/01/23 Colgate-Palmolive 1,000,000.00 1,011,600.09 1.600% 66,733.33 1,066,733.33 09/12/19 02/11/23 Berkshire Hathaway 1,250,000.00 1,296,137.50 1.878% 128,020.83 1,378,020.83 07/31/19 02/23/23 Apple Inc. 3,500,000.00 3,592,680.00 2.039% 355,220.83 3,855,220.83 10/04/19 03/15/23 3M Company 1,762,000.00 1,798,080.47 1.620% 136,224.62 1,898,224.62 03/20/18 03/15/23 Berkshire Hathaway 1,000,000.00 983,890.00 3.101% 137,118.06 1,137,118.06 04/18/18 03/15/23 Berkshire Hathaway 1,750,000.00 1,719,130.00 3.140% 236,213.54 1,986,213.54 04/25/18 03/15/23 Berkshire Hathaway 2,000,000.00 1,953,300.00 3.270% 268,888.89 2,268,888,89 05/07/18 04/11/23 Wal-Mart 1,000,000.00 974,100.00 3.121% 125,658.33 1,125,658.33 12/18/18 04/11/23 Wal-Mart 1,000,000.00 969,800.00 3.301% 110,854.17 1,110,854.17 05/16/19 04/28/23 Bank of New York Mellon 2,000,000.00 2,061,800.00 2.670% 276,500.00 2,276,500.00 06/23/20 04/28/23 Bank of New York Mellon 2,000,000.00 2,168,480.00 0.510% 198,916.67 2,198,916.67 05/02/18 05/01/23 Colgate-Palmolive 4,666,000.00 4,443,179.84 3.140% 489,657.82 5,155,657.82 05/09/18 05/03/23 Apple Inc. 4,000,000.00 3,862,600.00 3.150% 478,400.00 4,478,400.00 08/06/16 06/26/23 Wal-Mart 1,750,000.00 1,763,895.00 3.220% 290,888.89 2,040,888.89 07/25/18 06/26/23 Wal-Mart 1,500,000.00 1,512,000.00 3.220% 250,891.66 1,750,891.66 02/19/19 06/26/23 Wal-Mart 1,000,000.00 1,025,140.00 .2.770% 147,805.56 1447,805.56 07/24/18 07/24/23 US Bank NA 1,250,000.00 1,251,625.00 3.371% 212,381.94 1,462,381.94 01/24/19 07/24/23 US Bank NA 1,000,000.00 1,010,000.00 3.156% 153,000.00 1,153,000.00 02/28/19 07/24/23 US Bank NA 1,800,000.00 1,835,100.00 2.916% 269,620.00 2,069,620.00 12/11/18 07/24/23 US Bank NA 2,500,900.00 2,489,250.00 3.400% 21,597.22 2,521,597.22 05/14/20 09/01/23 Public Service Electric 2,500,000.00 2,700,575.00 0.720% 267,899.31 2,767,899.31 12/23/19 11/20/23 State Street Corporation 2,000,000.00 2,130,440.00 1.958% 289,216.67 2,289,216.67 01/28/19 12/05/23 Johnson & Johnson 1,500,000.00 1,541,250.00 2.765% 245,671.87 1,745,671.87 03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950% 162,009.72 1,162,009.72 01/16/20 01/15/24 Wal-Mart 2,000,000.00 2,067,790.00 1.900% 260,436.11 2,260,436.11 05/16/19 01/23/24 Citibank 1,000,000.00 1,034,870.00 2.836% 171,043.06 1,171,04106 02/13/20 01/23/24 Citibank 2,500,000.00 2,674,670.00 1.770% 359,930.56 2,859,930.56 02/13/20 01/23/24 Citibank 2,000,000.00 2,142,600.00 1.733% 287,944.44 2,287,944.44 02/20/20 01/23/24 Citibank 1,500,000.00 1,603,710.00 1.780% 214,893.75 1,714,893.75 • 10/11/19 02/01/24 JP Morgan Chase Bank 1,765,000.00 1,900,834.40 2.000% 294,473.10 2,059,473.10 01/24/22 02/26/24 BAC 3,000,000.00 2,945,610.00 1.300% 26,30000 3,026,300.00 10/08/19 03/07/24 Microsoft 1,500,000.00 1,581,000.00 1.604% 188,379.17 1,688,379.17 08/29/19 03/18/24 Blackrock Inc. 2,000,000.00 2,162,500.00 1.640% 318,694.44 2,318,694.44 10/28/19 03/18/24 Blackrock Inc. 1,000,000.00 1,071,360.00 1.801% 153,611.11 1,153,611.11 11/14/19 03/18/24 Blackrock Inc. 1,000,000.00 1,065,420.00 1.923% 152,055.56 1,152,055.56 05/14/20 03/18/24 Blackrock Inc. 3,000,000.00 3,300,600.00 0.845% 403,666.67 3,403,666.67 04/24/20 04/22/24 Wal-Mart 2,500,000.00 2,737,467.50 0.875% 329,541.67 2,829,541.67 04/24/20 04/22/24 Wal-Mart 2,000,000.00 2,191,860.00 0.700% 263,633.33 2,263,633.33 12/13/21 05/13/24 JPM 1,750,000.00 1,859,392.50 1.000% 153,307.29 1,903,307.29 07/31/19 05/13/24 JP Morgan Chase Bank 2,000,000.00 2,119,320.00 2.300% 346,791.67 2,346,791.67 07/13/20 05/13/24 JP Morgan Chase Bank 3,000,000.00 3,331,290.00 0.700% 416,875.00 3,416,875.00 07/01/20 05/15/24 Bank of NY Mellon 3,000,000.00 3,316,860.00 0.560% 392,416.67 3,392,416.67 12/03/21 06/03/24 BAC 2,500,000.00 2,500,000.00 1.000% 62,500.00 2,562,500.00
1.0/17/19 08/22/24 Amazon.com Inc. 2,500,000.00 2,604,85000 1.860% 339,305.56 2,839,305.56 08/22/19 08/22/24 Amazon.com Inc. 2,000,000.00 2,087,280.00 2.800% 279,377.78 2,279,377.78 02/18/20 10/24/24 Bank of NY Mellon 3,055,000.00 3,093,737.40 1.816% 300,459.25 3,355,459.25 11/15/21 11/15/24 BMO 2,000,000.00 2,000,000.00 1.000% 60,000.00 2,060,000.00 01/15/20 01/15/25 Johnson &Johnson 1,820,000.00 1,882,380.50 1.586% 238,875.00 2,058,875.00 04/08/20 01/15/25 Johnson & Johnson 3,000,000.00 3,231,960.00 0.906% 375,593.75 3,375,593.75 07/13/20 01/15/25 Johnson & Johnson 1,000,000.00 1,090,640.00 0.510% 118,270.83 1,118,270.83 09/10/21 02/09/25 Apple Inc. (AAPL) 1,500,000.00 1,588,155.00 0.753% 128,020.83 1,628,020.83 04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300% 280,131.74 3,590131.74 06/03/20 03/15/25 CME Group Inc 2,771,000.00 3,050,981.84 0.730% 397,638.50 3,161638.50 12/31/20 03/27/25 Nike Inc. 2,867,000.00 3,090,740.68 0.500% 291,669.47 3,158,669.47 05/13/20 04/01/25 Flordia Power E, Light 3,667,000.00 3,980,565.17 1.020% 509,193.51 4,176,19151 12/07/21 06/10/25 Royal Bank of Canada (RY) 2,000,000.00 1,989,460.00 1.304% 80,691.67 2,080,691.67 04/23/21 09/01/25 Johnson &Johnson 1,250,000.00 1,241,700.00 0.705% 29,944.44 1,279,944.44 09/20/21 10/29/25 Procter & Gamble (PG) 1,500,000.00 1,487,460.00 0.757% 33,893.75 1,533,893.75 05/17/21 12/14/25 Vlsa I ne 1,250,000.00 1,368,500.00 0.910% 180,140.62 1,430,140.62 03/23/21 01/2026 Bank of America (BAC) 1,000,000.00 989,470.00 1.000% 33,550.00 1,033,550.00 04/12/21 02/24/26 Merck 1,500,000.00 1,485,750.00 0.950% 54,750.00 1,554,750.00 03/01/21 02/26/26 JP Morgan 2,000,000.00 2,000,000.00 0.800% 80,000.00 2,080,000.00 03/01/21 03/01/26 Johnson &Johnson 2,500,000.00 2,697,950.00 0.750% 306,250.00 2,806,250.00 03/03/21 03/03/26 JP Morgan 2,000,000.00 2,000,000.00 1.000% 100,000.00 2,100,000.00 06/11/21 .06/11/26 JP Morgan 2,000,000.00 .2,000,000.00 1.150% 115,000.00 2,115,000.00 07/12/21 06/25/26 Bank of America 3,000,000.00 2,998,500.00 1.210% 178,300.00 3,178,300.00 07/22/21 07/16/26 Massmtual Global 3,750,000.00 3,784,537.50 1.010% 224,250.00 3,974,250.00 March 15, 2022 Item #1 Page 12 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return 08/11/21 08/08/26 Microsoft (M5FT) 4,000,000.00 4,292,240.00 0.900% 293,040.00 4,293,040.00 08/25/21 08/25/26 JP Morgan (WM) 2,000,000.00 2,000,000.00 1.200% 120,000.00 2,120,000.00 09/10/21 09/10/26 Bank of America (BAC) 2,000,000.00 2,000,000.00 1.150% 115,000.00 2,115,000.00 09/24121 09/24/26 Bank of America (BAC) 2,000,000.00 2,000,000.00 1.250% 125,000.00 2,125,000.00 01/19/22 12/18/26 Metlife (MET) 4,000,000.00 4,281,720.00 1.940% 678,116.67 4,678,116.67 12/30/21 12/30/26 BMO 2,456,001100 2,450,000.00 2.000% 245,000.00 2,695,000.00
Corporate notes 200,756,000.00 206,266,446.79 1.787% 20,814,780.43 221,570,780.43 Certificate of deposit
02/12/20 02/14/22 Sallie Mae Bank 247,000.00 247,000.00 1.700% 8,432.52 255,432.52 06/07/17 06/07/22 Mechantile Bank Of 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 07/31/17 07/29/22 KS State Bank 245,000.00 245,000.00 2.100% 25,710.71 270,710.71 08/16/17 08/16/22 Everbank 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 08/30/17 08/30/22 Willamette Valley Bank 249,000.00 249,000.00 2.100% 26,145.00 275,145.00 09/14/17 09/14/22 First Bank Of 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 09/29/17 09/29/22 Allegiane Bank Teas 249,000.00 249,000.00 2.150% 26,767.50 275,767.50 10/23/19 10/11/22 Goldman Sachs Bank USA 247,000.00 247,000.00 1.900% 13,898.99 260,898.99 10/18/17 10/18/22 Beneficial Bank 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 12/22/17 12/22/22 Industrial & Coml Bak China 249,000.00 249,000.00 2.500% 31,125.00 280,125.00 01/11/19 01/11/23 Sterling Bank 246,000.00 246,000.00 3.100% 30,504.00 276,504.00 02/07/20 02/07/23 BMW Bank 247,000.00 247,000.00 1.650% 12,237.67 259,237.67 02/21/20 02/21/23 Wells Fargo Bank 249,000.00 249,000.00 1.750% 13,084.44 262,084.44 04/24/18 04/24/23 Citibank 246,000.00 246,000.00 3.000% 36,900.00 282,900.00 05/08/19 05/08/23 Bank3 249,000.60 249,000.00 2.336% 24,900.00 273,900.00 05/16/18 05/16/23 Belmont Savings Bank 245,000.00 245,000.00 3.050% 37,362.50 282,362.50 06/20/18 06/20/23 RBC Bank 249,000.00 249,000.00 3.150% 39,217.50 288,217.50 07/31/18 07/31/23 Bank Of New England 249,000.00 249,000.00 3.250% 40,462.50 289,462.50 07/31/18 07/31/23 Medallion Bank Utah 249,000.00 249,000.00 3.150% 40,462.50 289,462.50 02/13/19 08/14/23 First Missouri State Bank 246,000.00 246,000.00 2.850% 31,549.50 277,549.50 09/26/18 09/26/23 Bank Midwest 245,000.00 245,000.00 3.150% 38,587.50 283,587.50 09/28/18 09/28/23 Bank Of Baroda 245,090.00 245,000.00 3.300% 40,425.00 285,425.00 11/15/18 10/30/23 National Cooperative Bank 245,000.00 245,000.00 3.450% 41,891.98 286,891.98 11/14/18 11/14/23 Bank Hapoalim Bm 245,000.00 245,000.00 3.500% 42,875.00 287,875.00 11/15/18 11/15/23 Morgan Stanley Pvt Bank 245,000.00 245,000.00 3.550% 43,487.50 288,487.50 11/19/28 11/29/23 State Bank Of India 245,000.00 245,000.00 3.600% 44,100.00 289,100.00 05/16/19 05/16/24 Enterprise Bank 246,000.00 246,000.00 2.600% 31,980.00 277,980.00 05/24/19 05/24/24 Eagle Bank 249,000.00 249,000.00 2.500% 31,125.00 280,125.00 06/28/19 06/28/24 First State Bank Decmeen 249,000.00 249,000.00 2.300% 28,635.00 277,635.00 07/31/19 07/31/24 Capital One 247,000.00 247,000.00 2.250% 27,787.50 274,787.50 08/30/19 08/30/24 Washington Federal 249,000.00 249,000.00 2.000% 24,900.00 273,900.00 09/13/19 09/13/24 Enerbank Usa 249,000.00 249,000.00 1.750% 21,787.50 270,787.50 09/18/19 09/30/24 Celtic Bank 249,000.00 249,000.00 1.700% 20,956.25 269,956.25 11/26/19 11/26/24 Raymond James Bank NA 247,000.00 247,000.00 1.850% 22,872.54 269,872.54 01/09/20 01/09/25 Morgan Stanley Bank NA 247,000.00 247,000.00 1.900% 23,490.72 270,490.72 02/27/20 02/27/25 Bell Bank Corp 249,000.00 249,000.00 1.600% 19,941.88 268,941.88 03/13/20 03/13/25 Choice Financial Group 248,000.00 248,000.00 1.100% 13,647.47 261,647.47 03/13/20 03/13/25 American Eagle bank 249,000.00 249,000.00 1.100% 13,702.54 262,702.54 03/18/20 03/18/25 Poppy Bank 249,000.00 249,000.00 1.100% 13,702.54 262,702.54 03/19/20 03/19/25 Somerset Trust 249,000.00 249,000.00 1.000% 12,456.88 261,456.88 03/20/20 03/20/25 Iberia Bank 248,000.00 248,000.00 1.000% 12,406.79 260,406.79 03/27/20 03/27/25 Baycoast Bank 248,060.00 248,000.00 0.950% 11,726.45 259,786.45 03/27/20 03/27/25 American Commerce Bank 249,000.00 249,000.00 0.950% 11,834.03 260,834.03 04/08/20 04/08/25 Capital One 248,000.00 248,000.00 1.600% 19,850.88 267,850.88 05/15/20 05/15/25 Flagstar Bank 248,000.00 248,000.00 0.850% 10,545.77 258,545.77 05/15/20 05/15/25 Encore Bank 249,000.00 249,000.00 0.800% 9,965.41 258,965.41 05/26/20 05/27/25 Haddon Savings Bank 248,000,00 248,000.00 0.750% 9,310.19 257,310.19 05/29/20 05/29/25 Home Loan Inv Bank 249,000.00 249,000.00 0.800% 9,965.41 258,965.41 05/29/20 05/29/25 Pacific Western Bank 249,000.00 249,000.00 0.700% 8,719.77 257,719.77 05/29/20 05/29/25 Malaga Bank 249,000.00 249,000.00 0.700% 8,719.87 257,719.87 06/10/20 06/10/25 Stockman Bank 249,000.00 249,000.00 0.600% 7,474.10 256,474.10 07/17/20 07/17/25 Preferred Bank 249,000.00 249,000.00 0.500% 6,228.46 255,228.46 07/16/20 07/28/25 Toyota Financial Savings Bank 249,000.00 249,000.00 0.650% 8,096.93 257,096.93 07/29/20 07/29/25 Continental Bank 249,000.00 249,000.00 0.500% 6,228.46 255,228.46 08/14/20 08/14/25 Luana Savings Bank 249,000.00 249,000.00 0.450% 5,605.57 254,605.57 08/19/20 08/19/25 1st Financial Bank 249,000.00 249,000.00 0.450% 5,605.82 254,605.82 08/20/20 08/20/25 1st Carolina Bank 249,000.00 249,000.00 0.450% 5,605.82 254,605.82 08/20/20 08/20/25 Northeast Community Bank 249,000.00 249,000.00 0.450% 5,605.82 254,605.82 09/04/20 09/04/25 Crown Bank 249,000.00 249,000.00 0.400% 4,982.62 253,982.62 09/15/20 09/15/25 Merrick 249,000.00 249,000.00 0.400% 4,982.62 253,982.62 10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00 249,000.00 0.400% 4,908.94 253,908.94 09/29/20 09/29/25 Landmark Community 249,000.00 249,000.00 0.400% 4,982.58 253,982.58 10/22/20 10/08/25 Live Oak Bank 249,000.00 249,000.00 0.400% 4,944.42 253,944.42 10/15/20 10/15/25 Maine Comm Bank 249,000.00 249,000.00 0.350% 4,359.94 253,359.94 10/16/20 10/16/25 First Security Bank Wash 249,000.00 249,000.00 0.350% 4,359.94 253,359.94 March 15, 2022 Item #1 Page 13 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return 11/06/20 10/23/25 Royal Savings Bank 249,000.00 249,000.00 0.400% 4,944.42 253,944.42 11/18/20 11/18/25 First US Bank 249,000.00 249,000.00 0.400% 4,982.62 253,982.62 12/18/20 12/18/25 Third Federal Savings and Loan 249,000.00 249,000.00 0.450% 5,605.56 254,605.56 12/18/20 12/18/25 Unity Bank 249,000.00 248,377.50 0.400% 4,982.72 253,982.72 01/08/21 12/23/25 Texas Bank Henderson 249,000.00 249,000.00 0.450% 5,556.70 254,556.70 12/28)20 12/23/25 National Bank of NY City 249,600.00 248,688.75 0.400% 4,968.98 253,968.98 12/23/20 12/23/25 Belmont Savings Bank 249,000.00 248,377.50 0.400% 4,982.62 253,982.62 01/08/21 01/08/26 Bank of Santa Clarita 249,000.00 248,688.75 0.400% 4,982.62 253,982.62 01/08/21 01/08/26 Grand Bank Tulsa 249,000.00 248,688.75 0.400% 4,982,62 253,982.62 01/26/21 01/26/26 Commercial Bank 249,000.00 248,751.00 0.471% 5,605.82 254,605.82 01/27/21 01/27/26 Central Bank Storm Lake 249,000.00 248,751.00 0.471% 5,605.82 254,605.82 02/18/21 01/29/26 Hometown Bk of Alabama 249,000.00 249,000.00 0.400% 4,928.04 253,928.04 02/26/21 02/26/26 United Rep Bk Omaha 249,000.00 249,000.00 0.400% 4,982.61 253,982.61 03/03/21 03/03/26 CFG Community Bk 249,000.00 249,000.00 0,400% 4,982.73 253,982.73 03/10/21 03/112/26 Bristol Morgan Bank 249,000.00 249,000.00 0.450% 5,605.82 254,605.82 09/03/21 09/03/26 Syncrony Bank (SYF) 249,000.00 249,000.00 0.900% 11,205.00 260,205.00 09/09/21 09/09/26 UBS Bank USA (UBS) 249,000.00 249,000.00 0.950% 11,834.03 260,834.03 Certificate of deposit 20,348,000.00 20,345,323.25 1.431% 1,401,138.47 21,749,138.47 Mortgage backed securities (agency)
03/10/21 08/2,5/24 FHLM - FHMS K728 2,965,604.37 3,200,953.78 3.064% 153,965.31 3,119,569.68 04/15/20 11/25/24 FHMS KHG1 Al 2,922,010.23 3,132,029.72 0.999% 217,130.28 3,139,140.51 07/24/20 05/25/25 FRESB MFM 983,396.72 988,206.52 0.830% 19,418.08 1,002,314.80 03/15/21 05/25/25 FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770% 110,231.60 2,110,231.60 08/27/20 06/15/25 FHLMC FHR 3544 BC 459,986.49 544,666.30 0.532% 83,540.73 543,527.22 02/19/21 01/25/26 FRESB 2021-5E183 1,431,293.02 1,438,014.37 0.505% 22,554.11 1,453,847.13 03/25/21 03/25/26 FHLM - KHMS K055 2,500,000.00 2,700,600.00 2.673% 154,976.68 2,654,976.68 08/20/21 03/25/26 FHLMC - FHMS URI. 2,195,891.47 2,299,853.20 0.414% 165,584.45 2,361,475.92 07/23/21 04/25/26 FRESB 1,965,937.34 1,975,169.38 0.746% 40,585.81 2,006,523.15 01/21/22 11/25/26 FRESB 2022-51394 4,500,000.00 4,520,812.50 1.500% 174,379.00 4,674,379.00 Mortgage backed securities (agency) 21,924,119.64 22,957,205.77 1.619% 1,142,366.05 23,066,485.69 Municpal Bonds
07/23/21 03/15/23 State of Connecticut 3,000,000.00 3,262,140.00 0.356% 280,706.67 3,280,706,67 06/09/21 08/01/23 San Dieguito Union HS 500,000.00 500,000.00 0.275% 2,948.61 502,948.61 06/17/21 03/15/24 Ada&Canyon Cty SD 1,500,000.00 1,710,405.00 0.520% 237,083.33 1,737,083.33 05/27/21 06/15/24 Cache County SD 3,250,000.00 3,505,872.50 0.400% 297,375.00 3,547,375.00 02/26/21 10/01/24 State of Hawaii 3,000,000.00 3,039,420.00 0.433% 86,549.17 3,086,549.17 03/01/21 11/01/24 City of San Francisco Iltil 1,000,000.00 1,004,450.00 0.600% 26,523.31 1,026,523.31 06/02/21 12/01/24 Mason & Kitsap Counties SD 640,000.00 640,000.00 0.538% 12,041.64 652,041.64 07/19/21 02/01/25 Amarillo Independent SD 1,800,000.00 1,762,290.00 0.600% - 1,800,000.00 03/22/21 02/15/25 Texas 5t Tech Univ 2,500,000.00 2,524,850.00 0.679% 91,389.86 2,591,389.86 06/29/21 05/15/25 University of California 1,960,000.00 1,966,154.40 0.799% 67,111.92 2,027,111.92 03/01/21 05/15/25 University of California 1,500,000.00 1,517,250.00 0.600% 55,724.13 1,555,724.13 02/02/21 06/15/25 County of Multnomah OR 2,000,000.00 2,006,040.00 0.430% 37,553.89 2,037,553.89 01/28121 07/01/25 University of California UNVHGR 1,805,000.00 1,995,210.90 0.509% 244,645.68 2,049,645.68 05/18/21 04/01/26 State of California 1,250,000.00 1,353,350.00 0.910% 161,300.35 1,411,300.35 04/01/21 04/01/26 State of California 4,140,000.00 4,478,652.00 0.970% 548,550.00 4,688,550.00 12/07/21 06/15/26 Marion County School (MARKO) 1,880,000.00 1,885,245.20 1.374% 122,255.56 2,002,255.56 09/01/21 06/15/26 Portland Community College (PORHG 1,100,000.00 1,102,992.00 0.841% 47,357.32 1,147,357.32 01/06/22 08/01/26 San Jose Redev (515DEV) 3,000,000.00 3,220,260.00 1.507% 476,400.00 3,476,400.00 08/12/21 08/01/26 San Diego Community College (SDGHt 3,000,000.00 3,209,550.00 0.860% 342,742.58 3,342,742.58 08/23/21 08/01/26 Santa Barbara CA USD (SBBSCD) 500,000.00 511,970.00 0.842% 33,041.17 533,04147 08/23/21 08/01/26 San Jose Evergreen CC (SJSHGR) 750,000.00 799,522.50 0.842% 81,862.08 831,862.08 12/20/21 12/01/26 CASWTR 1,275,000.00 1,257,405.00 1.051% 84,523.29 1,359,523.29 Municpal Bonds 41,350,000.00 43,253,029.50 0.743% 3,337,685.56 44,687,685.56 Cash
Wells Fargo Bank - General 18,789,726.90 18,789,726.90 0.010% 154.44 18,789,881.34 Wells Fargo Sweep account
0.010%
Wells Fargo Bank - Custody 9,394,916.42 9,394,916.42 0.010% 78.29 9,394,994.71 CAMP 1,006,648.79 1,006,648.79 0.065% 53.45 1,006,702.24 LAIF City 71,953,217.15 71,953,217.15 0.234% 14,030.68 71,967,248.03 LAIF CMWD 15,774,953.54 15,774,953.54 0.234% 3,076.12 15,778,029.66 LAIF CPFA 739,770.21 739,770.21 0.234% 144.26 739,914.46 Cash 117,659,233.01 117,659,233.01 0.179% 17,537.42 117,676,770.43
GRAND TOTAL 819,423,352.65 830,943,575.77 1.0967% 47,300,051.20 866,724,386.35 March 15, 2022 Item #1 Page 14 of 19
EXHIBIT 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of Jan. 31, 2022
Cash balance by fund:
General 128,650,866
Special revenue 34,677,304
Capital projects:
General capital construction 50,798,776
Traffic impact fees 23,020,271
Public facilities fees 29,742,321
Park development 14,535,732
TransNet taxes 8,422,390
Drainage fees 4,690,537
Special districts 114,636,998
Technology investment 9,426,805
Infrastructure replacement 120,716,988
Gas tax 18,478,781
Capital project subtotal 394,469,599
Enterprise:
Carlsbad Municipal Water District 141,337,566
Sewer fund 42,546,524
Solid waste 4,985,894
Storm water 8,393,964
Golf course 2,736,041
Enterprise subtotal 199,999,990
Internal service 48,641,845
Fiduciary 15,335,308
Total general ledger balance ** 821,774,911
Reconciling adjustments (1) 5,271,975
Total treasurer's investment portfolio at amortized cost $827,046,886 **Figures based on best estimate at the time report run on 02/28/2022. (1) The reconciling adjustments consist of differences between the general ledger which is prepared on an accrual basis and the treasurer's report which is prepared on a cash basis. Accrued interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment.
March 15, 2022 Item #1 Page 15 of 19
EXHIBIT 8
Corporate notes
City of Carlsbad investment portfolio
Security ratings and outlooks
As of Jan. 31, 2022
Moody's S&P Fitch Outlook
3M Company Al A+
Negative/negative
Amazon.com Inc. Al AA AA- stable
Apple I nc. Aaa AA+
Stable/stable
Bank of America A2 A- AA- Positive/positive/stable
Bank of Montreal A2 A+ AA- stable/stable/negative
Bank of New York Mellon Al A AA- Stable
Berkshire Hathaway Aa2 AA A+ Stable
Blackrock Inc. Aa3 AA-
Stable
Century Housing Corp
AA- AA Stable
Cisco Systems Inc. Al AA-
Stable
Citibank A3 BBB+ A Stable
CME Group Aa3 AA- AA- Stable
Colgate-Palmolive Aa3 AA-
Stable
Exxon Mobil Aa2 AA-
Stable/negative
Florida Power & Light Aa2 A+ AA- Stable
Johnson & Johnson Aaa AAA
Negative
JP Morgan Chase Bank A2 A- AA- Positive/positive/stable Massmutual Global Aa3 AA+ AA+ Stable
Merck Al A+ A+ Negative/stable/stable
MetLife Aa3 AA- AA- Stable
Microsoft Aaa AAA AAA Stable
Nike Inc. Al AA-
Negative/stable
Novartis Capital Corp Al AA- AA- Stable
Procter & Gamble Aa3 AA-
Stable
Public Service Electric Al A
Stable
Royal Bank of Canada A2 A AA- Stable
State Street Corporation Al A AA- Stable
Toyota Al A+ A+ Stable
US Bank NA Al AA- AA- Negative/negative/stable
Visa Inc. Aa3 AA-
Stable
Wal-Mart Aa2 AA AA Stable
Ratings of corporate notes must be AA or better by one and A or better another of the three: Moody's, S&P, or Fitch.
Mortgage backed securities Moody's S&P Fitch Outlook
FHLMC Aaa AAA Stable
FNMA Aaa AAA Stable
Ratings of mortgage backed securities must be AA or better by one of the three: Moody's, S&P, or Fitch.
March 15, 2022 Item #1 Page 16 of 19
Municipal Bonds Moody's S&P Fitch Outlook
Ada/Canyon Cty SD Aa1 AA+
Stable
Amarillo Independent SD Aaa AAA
Stable
Cache County SD Aaa AAA1 AAA1 Stable
City of San Francisco Util Aa2 AA-
Stable
County of Multnomah Aaa AAA
Stable
Marion County SD Aa1 A-
Stable
Mason/Kitsap Cty SD Aaa
AA+ Stable
Portland CC Aa1 AA+
Stable
San Diego CC Aaa AAA
Stable
San Dieguito Union HS Aa1 AA
Stable
San Jose Evergreen CC Aa1 AA-t-
Stable
San Jose Redevelopment Aa1 AA AA Stable
Santa Barbara CA USD Aa1 AA
Stable
State of California Aa2 AA- AA Stable
State of Connecticut Aa3 A+ AA- Stable
State of Hawaii Aa2 AA+ AA Stable
Texas Tech University Aa1 AA+
Stable
University of California Aa2 AA AA Stable
Ratings of municipal bonds must be AA or better by one and A or better another of the three: Moody's, S&P, or Fitch.
Investments with subsequent changes in credit rating *
Corporate notes Moody's S&P Fitch Maturity date Purchased Book value 3M Company Al A+
03/07/24 12/19/19 5,314,067
Citibank A3 BBB+ A 01/23/24 02/20/20 7,226,057
Merck Al A+ A+ 02/24/26 04/12/21 1,488,101
Public Service Electric Al A
03/27/25 12/31/20 2,596,317
Toyota Al A+ A+ 01/08/24 07/01/19 13,767,100
30,391,641
* All investments were in compliance with the city's investment policy unless otherwise denoted.
The city's Investment Policy allows the city treasurer to determine the course of action that would correct exceptions to the policy. All current exceptions are paying interest at the required times. The principal of all investments are considered secure. It is the intent of the city treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold.
1: The investment was purchased with a Aaa Moody's rating, stable outlooks, and underlying ratings of MA from all three major ratings agencies. The bond was purchased with the consideration that it is backed by the State of Utah in which the Utah School Bond Guaranty Program provides credit enhancement to voter-approved general obligation bonds issued by school districts. The program pledges the full faith and credit of the state to the payment of • voter-approved school district general obligation bonds providing the qualifying bond with the state's AM ratings.
March 15, 2022 Item #1 Page 17 of 19
EXHIBIT 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of Jan. 31, 2022
Corporate notes Amortized cost Portfolio allocation*
3M Company 5,314,067 0.64%
Amazon.com Inc. 4,600,097 0.56%
Apple Inc. 14,372,236 1.74%
Bank of America 13,435,298 1.62%
Bank of Montreal 4,450,000 0.54%
Bank of New York Mellon 10,359,144 1.25%
Berkshire Hathaway 9,598,832 1.16%
Blackrock Inc. 8,310,371 1.00%
Century Housing Corp 1,000,000 0.12%
Cisco Systems Inc. 502,258 0.06%
Citibank 7,226,057 0.87%
CME Group 2,953,752 0.36%
Colgate-Palmolive 9,598,631 1.16%
Florida Power & Light 3,870,336 0.47%
Johnson & Johnson 14,731,497 1.78%
JP Morgan Chase Bank 16,935,746 2.05%
Massmutual Global 3,780,899 0.46%
Merck 1,488,101 0.18%
Metlife 4,279,809 0.52%
Microsoft 6,280,420 0.76%
Nike Inc. 3,033,559 0.37%
Novartis Capital Corp 4,852,242 0.59%
Procter & Gamble 7,176,039 0.87%
Public Service Electric 2,596,317 0.31%
Royal Bank of Canada 1,989,911 0.24%
State Street Corporation 2,060,167 0.25%
Toyota 13,767,100 1.66%
US Bank NA 6,562,122 0.79%
Visa Inc. 1,350,225 0.16%
Wal-Mart 17,744,368 2.15%
Mortgage backed securities (agency) Amortized cost Portfolio allocation* FHLMC 13,970,161 1.69%
FNMA 8,922,203 1.08%
March 15, 2022 Item #1 Page 18 of 19
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp. 24,099,957
2.91%
Federal Farm Credit Bank 89,848,721
10.86%
Federal Home Loan Bank 104,727,856
12.66%
Federal Home Loan Mortgage Corp. 45,148,335
5.46%
Federal National Mortgage Assoc. 49,955,088
6.04%
Private Export Funding Corp. 2,532,037
0.31%
Tennessee Valley Authority 1,067,111
0.13%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,668,990
0.20%
Amarillo Independent SD 1,768,035
0.21%
Cache County SD 3,449,012
0.42%
City of San Francisco 1,003,332
0.12%
County of Multnomah 2,004,662
0.24%
Marion County SD 1,885,067
0.23%
Mason/Kitsap Cty SD 640,000
0.08%
Portland CC 1,102,732
0.13%
San Diego CC 3,189,755
0.39%
San Dieguito Union HS 500,000
0.06%
San Jose Evergreen CC 795,122
0.10%
San Jose Redevelpment 3,216,913
0.39%
Santa Barbara CA USD 510,906
0.06%
State of California 7,018,454
0.85%
State of Connecticut 3,178,893
0.38%
State of Hawaii 3,029,223
0.37%
Texas Tech University 2,519,377
0.30%
University of California 5,430,544
0.66%
Other Amortized cost
Portfolio allocation
Supranational 28,408,566
3.43%
US Treasury 73,231,103
8.85%
Certificate of deposits 20,345,903
2.46%
Cash 117,659,233
14.23%
Total portfolio amortized cost 827,046,886
* No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers.
March 15, 2022 Item #1 Page 19 of 19